By: Sharita M. Humphrey
A business grant is a certain amount of money you can obtain to help with your business, similar to a loan with the key difference being that you don’t have to pay anything back. Business grants are hard to obtain since they target specific business types and specific industries like technology and medical industries.
You also need to follow the rules on how to spend the money you obtain which you’ll know when you receive a grant from an organization.
But you shouldn’t get disheartened by these facts, as there are always ways to get a grant for your business.
Business Grants: 9 Places to Find and Get Free Money for Your Business Click To Tweet
Here they are:
Established in 2002, Grants.gov is an E-government initiative operated under the Office of Management and Budget providing a centralized location for those seeking a grant for their business. Having information on over 1000 grant programs, Grants.gov is definitely one of the first places you should check out, as they also provide you with most of the knowledge you need to know about how grants work, how you could be eligible for a grant, terminologies, and how grant frauds work. Easily accessible, beginner-friendly, and holding tons of information on grants, Grants.gov tops our list of places you could find grants for your business.
If your business is based on science, engineering, and technology, a seed fund is where you should be looking into. With up to $2M / 36+ months to be received from seed funds, your business should be headed to the path you envisioned since the beginning. And since they provide you with monthly reports of your progress and financials, all you have to focus on is creating your product or service. One big thing about them is that you don’t have to relocate anywhere to access their funds, since they support startups in all locations. Their website also has all the information you need on whether you are eligible to receive their rewards or not.
With multiple grant programs including Covid-19 relief grant programs, sba.gov is another place to look into when you’re looking to get a grant for your business.
SBA also offers grants to community organizations that are promoting entrepreneurship, including veteran-owned, and service-disabled veteran-owned businesses. Although they do not provide grants for expanding your business or starting your business, you may find grants that provide everything you’ve needed.
- The SBIR and STTR Programs
The SBIR and STTR programs are geared towards funding small businesses engaging in federal research and development. Both programs require research partnerships, with STTR requiring you to collaborate with a non-profit research institution while you are under the first 2 phases of their program.
- Corporate Grants Program – Patagonia
The Patagonia grant program differs a lot from the others on our list, with their grant specializing in environmental programs and projects. They have a local grant program, and also an international grant program if you are not based in the United States or Canada. If your small business or organization fits their criteria, you should definitely check Patagonia out.
- Nav’s Small Business Grant
Nav’s quarterly $10,000 small business grant is another unique one, as your company can be about anything since they support any business. You just have to apply for their quarterly contest, write a post on your business socials, and share your posts around encouraging all your friends to vote for your business. If you win, you get the $10,000 grant, but even second place gets to have a $5,000 grant! You got nothing to lose trying to win Nav’s quarterly business grant
- The Amber Grant
Another unique grant as this applies only to businesses owned by women and supports any type of business. Applying for the grant is no sweat too, as they don’t require you to fill out forms, and all you have to do is talk about yourself, and how you want your business dreams to come to life.
- NASE Growth Grants
Members of the National Association of the Self-Employed (NASE) can apply for the NASE grant program. Though not all the applicants can be accepted, it is definitely worth the shot if you are a member of the NASE.
- Fastbreak for Small Businesses
For small businesses that are lacking some exposure and love, this is a good choice to try and get a business grant, as LegalZoom, the NBA, WNBA, and NBA G League have all teamed up to help small businesses owners in underserved and underrepresented communities. With up to $10,000 grants, and open twice a year, this is definitely something to check out if you are in one of the smaller and ignored business communities.
Business grants are everywhere from online, local networks, and the government. If you are struggling with your business, don’t forget that there is always a way to get some help. There are countless opportunities awaiting you, and we hope this list of business grants could help your business grow and become the dream you’ve always wanted.
About the Author: Sharita M. Humphrey is an award-winning finance expert, money mentor and Certified Financial Education Instructor. Once broke and homeless, Sharita completely transformed her life and is now a successful entrepreneur and one of the most in-demand money coaches for individuals and business owners of color. In 2020, Sharita was named National Financial Educator of the Year.